Massachusetts Financial Services Co. MA Has $2.92 Billion Stock Position in McKesson Corporation $MCK

Massachusetts Financial Services Co. MA lessened its stake in McKesson Corporation (NYSE:MCK) by 13.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,984,579 shares of the company’s stock after selling 618,954 shares during the quarter. McKesson accounts for about 0.9% of Massachusetts Financial Services Co. MA’s investment portfolio, making the stock its 15th biggest holding. Massachusetts Financial Services Co. MA’s holdings in McKesson were worth $2,919,820,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MCK. Solstein Capital LLC boosted its stake in McKesson by 171.4% in the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after purchasing an additional 24 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC boosted its position in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after buying an additional 41 shares during the period. GFG Capital LLC acquired a new stake in McKesson in the 2nd quarter valued at approximately $30,000. Finally, Saudi Central Bank bought a new stake in McKesson in the 1st quarter valued at approximately $34,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCK has been the topic of a number of recent research reports. Leerink Partners lifted their price objective on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Weiss Ratings restated a “buy (b+)” rating on shares of McKesson in a research note on Thursday. Zacks Research raised McKesson from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Bank of America raised their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, Citigroup increased their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $887.69.

McKesson Stock Performance

MCK opened at $842.26 on Friday. The stock has a fifty day moving average of $773.51 and a 200-day moving average of $729.42. The company has a market capitalization of $103.96 billion, a P/E ratio of 33.58, a P/E/G ratio of 1.46 and a beta of 0.51. McKesson Corporation has a fifty-two week low of $558.13 and a fifty-two week high of $867.63.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. The business had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $7.07 earnings per share. On average, equities research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio is currently 10.21%.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the transaction, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.08% of the stock is owned by insiders.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.